Bank of Americas retiring asset management chief, Richard DeMartini, is set to receive $4 million in incentives before his departure April 1, Reuters reports.
BoAs annual report indicates that DeMartini, 51, is eligible for a $2 million incentive award and another $2 million after Jan. 1 of next year, for unnamed services.
DeMartini is the only individual still employed by BoA named in the New York Attorney Generals complaint against Canary Capital Partners. The complaint cites e-mails that DeMartini received detailing a commitment of $20 million in BoAs Nations Funds, in return for market-timing allowances.
DeMartini became head of Bank of Americas asset management division, which includes its Nations Funds mutual fund unit, in February 2001.